Common use of Partial and Final Payments Clause in Contracts

Partial and Final Payments. Partial payments will be made on or before the 20th of each month for 95% of the work done during the previous month, as estimated by the Engineer. The remaining 5% will be held by the City of Durham as Retainage. The Retainage amount will be increased on the monthly Pay Request only up to (1) the owner obtains written consent of ▇▇▇▇▇▇; and (2) the performance of work is satisfactory up to the 50% completion point. Notwithstanding satisfactory performance by the contractor at the 50% project completion point, the owner may still retain up to 5% retainage on subsequent payments in order to retain an overall project retainage of no more than 2.5% through completion of the project. If, however, at any point the owner finds the contractor’s performance to be “unsatisfactory,” (whether at the 50% completion point or after), the owner may “reinstate” retainage from each subsequent periodic payment up to a 5% maximum to maintain the 5% total project retainage. Monthly payments shall only be paid when the Work is progressing in accordance with the terms of the Contract. As soon as practicable after the acceptance of the work, the Contractor shall be issued a final estimate based upon the actual quantities of complete and accepted work. Within thirty days thereafter, such final estimate shall be considered for approval by the Engineer; and after it has been approved, the City shall pay the entire sum so found to be due hereunder, after deducting therefrom all previous payments and all amounts to be retained under the provisions of this Contract. All prior partial estimates may be subject to correction in the final estimate and payment. Neither the preparation of said final estimate nor its approval by the Engineer, nor the payment of said final estimate shall be construed to affect the right reserved by the City to reject the whole, or any portion, of the Work, should any of said Work be found inconsistent with any terms of the Contract, or should it be found that the preparation of said estimate or said approval of said payment otherwise was improperly done. The Contractor shall not be entitled to receive payment on partial or final estimates unless only first class workmanship and materials shall have been used. The inspection of the Work at any time shall not relieve the Contractor of the obligation to do sound and reliable work true to line and form. Any omission to disapprove of any Work by the Engineer at or before the time for any monthly or final estimate shall not be construed to be an acceptance of any Work not in compliance with the Contract. Work requiring skill in its execution shall be executed only by persons of training and experience in that particular kind of work.

Partial and Final Payments. Partial payments will be made on or before the 20th of each month for 95% of the work done during the previous month, as estimated by the Engineer. The remaining 5% will be held by the City of Durham as Retainage. The Retainage amount will be increased on the monthly Pay Request only up toto the point that 50% of the Project, based on cost, is complete. When the project is 50% complete, the owner shall not “retain any further retainage” from periodic payments due if: (1) the owner obtains written consent of ▇▇▇▇▇▇; and (2) the performance of work is satisfactory up to the 50% completion point. Notwithstanding satisfactory performance by the contractor at the 50% project completion point, the owner may still retain up to 5% retainage on subsequent payments in order to retain an overall project retainage of no more than 2.5% through completion of the project. If, however, at any point the owner finds the contractor’s performance to be “unsatisfactory,” (whether at the 50% completion point or after), the owner may “reinstate” retainage from each subsequent periodic payment up to a 5% maximum to maintain the 5% total project retainage. Monthly payments shall only be paid when the Work is progressing in accordance with the terms of the Contract. As soon as practicable after the acceptance of the work, the Contractor shall be issued a final estimate based upon the actual quantities of complete and accepted work. Within thirty days thereafter, such final estimate shall be considered for approval by the Engineer; and after it has been approved, the City shall pay the entire sum so found to be due hereunder, after deducting therefrom all previous payments and all amounts to be retained under the provisions of this Contract. All prior partial estimates may be subject to correction in the final estimate and payment. Neither the preparation of said final estimate nor its approval by the Engineer, nor the payment of said final estimate shall be construed to affect the right reserved by the City to reject the whole, or any portion, of the Work, should any of said Work be found inconsistent with any terms of the Contract, or should it be found that the preparation of said estimate or said approval of said payment otherwise was improperly done. The Contractor shall not be entitled to receive payment on partial or final estimates unless only first class workmanship and materials shall have been used. The inspection of the Work at any time shall not relieve the Contractor of the obligation to do sound and reliable work true to line and form. Any omission to disapprove of any Work by the Engineer at or before the time for any monthly or final estimate shall not be construed to be an acceptance of any Work not in compliance with the Contract. Work requiring skill in its execution shall be executed only by persons of training and experience in that particular kind of work.

Partial and Final Payments. Partial payments Payments to the University for costs incurred in the performance of the task orders will be made monthly based on or before certified and itemized invoices detailed to show the 20th elements of each month for 95% direct cost incurred, the various surcharges added to the payroll and the overhead charges The certified and itemized invoices, which shall use the form shown in the LTRC Manual of Research Procedures in effect on the date of the work done during task order, shall show the previous monthtotal amount earned to the date of submission and the amount due and payable as of the invoice. If the certified and itemized invoices are not of the form shown in the LTRC Manual of Research Procedures; then documentation of the elements of direct cost incurred shall be submitted with each invoice. Documentation of the elements of direct cost incurred will be available for audit purposes for each invoice, as estimated pursuant to Article XXIV of this Research Agreement. An amount equal to ten percent (10%) of the total of all salaries and wages, together with payroll additives and indirect costs, and of any subcontracts that include direct labor coSts, shall be deducted from each monthly invoice and retained by the EngineerDOTD/LTRC. The remaining 5% amounts of such retainage must be shown on each monthly invoice. Upon certification by the LTRC Director of Research that the task order has been completed, the accumulated retainage shall be paid to the University .Payment shall be effected by submission by the University of a final invoice for the retained amount, which must be submitted and will be held by paid under the City of Durham same conditions as Retainageset forth below for all invoices. The Retainage amount will be increased on the monthly Pay Request only up to (1) the owner obtains written consent of ▇▇▇▇▇▇; original and two (2) copies of the performance of work is satisfactory up invoice shall be submitted to the 50% completion point. Notwithstanding satisfactory performance Project Coordinator no later than 20 days after the close of each calendar month, and the final invoice for retained funds shall be submitted no later than 60 days following receipt by the contractor at University of the 50% project completion point, the owner may still retain up to 5% retainage on subsequent payments in order to retain an overall project retainage certification of no more than 2.5% through satisfactory completion of the projecttask order . If, however, at any point Upon receipt and approval of each invoice the owner finds DOTD/LTRC shall cause the contractor’s performance to be “unsatisfactory,” (whether at the 50% completion point or after), the owner may “reinstate” retainage from each subsequent periodic payment up to a 5% maximum to maintain the 5% total project retainage. Monthly payments shall only be paid when the Work is progressing in accordance with the terms of the Contract. As soon as practicable after the acceptance of the work, the Contractor shall be issued a final estimate based upon the actual quantities of complete and accepted work. Within thirty days thereafter, such final estimate shall be considered for approval by the Engineer; and after it has been approved, the City shall pay the entire sum so found amounts shown to be due hereunder, after deducting therefrom all previous payments and all amounts to be retained under the provisions of this Contract. All prior partial estimates may be subject to correction in the final estimate and payment. Neither the preparation of said final estimate nor its approval by the Engineer, nor the payment of said final estimate shall be construed to affect the right reserved by the City to reject the whole, or any portion, of the Work, should any of said Work be found inconsistent with any terms of the Contract, or should it be found that the preparation of said estimate or said approval of said payment otherwise was improperly done. The Contractor shall not be entitled to receive payment on partial or final estimates unless only first class workmanship and materials shall have been used. The inspection of the Work at any time shall not relieve the Contractor of the obligation to do sound and reliable work true to line and form. Any omission to disapprove of any Work by the Engineer at or before the time for any monthly or final estimate shall not be construed to be an acceptance of any Work not in compliance with the Contract. Work requiring skill in its execution shall be executed only by persons of training and experience in that particular kind of workpayable to'be-paid within sixty (60) days.

Partial and Final Payments. Partial payments will be made on or before the 20th of each month for 95% of the work done during the previous month, as estimated by the Engineer. The remaining 5% will be held by the City of Durham as Retainage. The Retainage amount will be increased on the monthly Pay Request only up toto the point that 50% of the Project, based on cost, is complete. When the project is 50% (1) the owner obtains written consent of ▇▇▇▇▇▇; and (2) the performance of work is satisfactory up to the 50% completion point. Notwithstanding satisfactory performance by the contractor at the 50% project completion point, the owner may still retain up to 5% retainage on subsequent payments in order to retain an overall project retainage of no more than 2.5% through completion of the project. If, however, at any point the owner finds the contractor’s performance to be “unsatisfactory,” (whether at the 50% completion point or after), the owner may “reinstate” retainage from each subsequent periodic payment up to a 5% maximum to maintain the 5% total project retainage. Monthly payments shall only be paid when the Work is progressing in accordance with the terms of the Contract. As soon as practicable after the acceptance of the work, the Contractor shall be issued a final estimate based upon the actual quantities of complete and accepted work. Within thirty days thereafter, such final estimate shall be considered for approval by the Engineer; and after it has been approved, the City shall pay the entire sum so found to be due hereunder, after deducting therefrom all previous payments and all amounts to be retained under the provisions of this Contract. All prior partial estimates may be subject to correction in the final estimate and payment. Neither the preparation of said final estimate nor its approval by the Engineer, nor the payment of said final estimate shall be construed to affect the right reserved by the City to reject the whole, or any portion, of the Work, should any of said Work be found inconsistent with any terms of the Contract, or should it be found that the preparation of said estimate or said approval of said payment otherwise was improperly done. The Contractor shall not be entitled to receive payment on partial or final estimates unless only first class workmanship and materials shall have been used. The inspection of the Work at any time shall not relieve the Contractor of the obligation to do sound and reliable work true to line and form. Any omission to disapprove of any Work by the Engineer at or before the time for any monthly or final estimate shall not be construed to be an acceptance of any Work not in compliance with the Contract. Work requiring skill in its execution shall be executed only by persons of training and experience in that particular kind of work.